本报记者 张晓赫 北京报道

Our reporter ZhangXiaoHe reports from Beijing

　　地方平台再次成为金融创新工具的优先受益者。

Local platform once again become a financial innovation tool preferred beneficiaries。

　　8月7日，作为首批资产支持票据（Asset-Backed Medium-term Notes，简称“ABN”)融资的体验者，宁波城建投资控股有限公司（以下简称“宁波城建”）、上海浦东路桥建设股份有限公司（以下简称“浦东路桥”）、南京公用控股（集团）有限公司（以下简称“南京公用”）分别发行的ABN产品一日售罄。

August 7，As the first batch of asset-backed bill（Asset - Backed Medium - term Notes，Referred to as“ABN”)Financing experience person，Ningbo urban construction investment holding co., LTD（Hereinafter referred to as“Ningbo city building”）、Shanghai pudong road and bridge construction co., LTD（Hereinafter referred to as“Pudong road and bridge”）、Nanjing public holding（group）Co., LTD.（Hereinafter referred to as“Nanjing public”）Respectively issued ABN products sold out one day。

　　此时，距离3家公司拿到注册通知书不过1天，距离中国银行(601988,股吧)间市场交易商协会发布《银行间债券市场非金融企业资产支持票据指引》也不过4天。

At this time，Distance three companies get registered notice but one day，Distance the bank of China(601988,guba)Room market dealers association issued《Market of the bond between the bank non-financial enterprise assets support bill guidelines》Also but four days。

　　“前期工作还是很充分的，前几个月就在忙活这事了。我们做了10亿元，市场反应很火。”此次的主承销商之一，中信证券(600030,股吧)的相关人士向本报记者表示，市场的热情反应为正在排队的第二批非金融企业搏得了一个好彩头。“打头阵的资产都还不错，反映到票面利率上也比较合理。”

“The work is still very full，A few months ago in be busy about it。We made 1 billion yuan，The market reaction is fire。”One of the lead underwriter，Citic securities(600030,guba)Relevant personage to our reporter said，The enthusiasm of the market as a reaction to the queue is the second batch of non-financial enterprise stroke was a good good luck。“Take the lead of the assets to be good，Reflected in the nominal interest rate is reasonable。”

　　目前尚在排队的第二批名单中，包括天津房信集团、苏州工业园区国有资产控股发展有限公司，仍是地方平台性质企业。

At present is still in the queue of the second batch of list，Including tianjin room letter group、Suzhou industrial park state-owned assets holding development co., LTD，Is still place platform property enterprise。

　　地方平台充先锋 Local platform imitation pioneer

　　所谓资产支持票据，就是非金融企业在银行间债券市场发行的，由基础资产所产生的现金流作为还款支持的，约定在一定期限内还本付息的债务融资工具。

The so-called assets support the bill，Is non-financial enterprises in the market of the bond between the bank issued，The underlying assets generated cash flow as reimbursement support，Agreed in a certain period of repayment of capital and interest debt financing tool。

　　“相对于传统的信用融资方式，ABN更注重债项评级，而非发行主体的信用评级，也就是，基础资产本身现金流的偿付能力与发行主体的信用水平是分开的。按照央行的想法，是要通过资产证券化，拓宽自身信用等级不高的企业融资渠道，支持实体经济发展。”工行总行的内部人士表示。

“Compared with the traditional credit financing way，ABN pay more attention to debt rating，Instead of issuing main credit rating，is，Underlying assets itself cash flow solvency and distribution of the main credit level is separate。According to the central bank's idea，Is to through the asset securitization，Expand their credit rating is not high enterprise financing channels，To support the real economy development。”Icbc head office of insiders said。

　　但从当前披露的注册名单来看，显然地方平台性质的城投公司成为了这个创新工具最直接、最优先的受益者。

But from the current disclosure registered list to see，Obviously local platform nature of the city for the company has become the most direct this innovation tools、The most preferred beneficiaries。

　　“实际上，银行间交易商协会也考虑到了今年地方平台面临的偿债高峰与二次投资需求。地方平台债务最大的问题就是不够透明、不够市场化，有了4万亿的教训，政策层不会再轻易通过财政直接撒钱。但地方对资金的需求是明显存在的，所以，现在依托资产证券化设计，是要地方平台建立市场化的、自偿性的融资结构。”前述中信证券人士表示。

“In fact，Interbank traders association also took into account the place this year platform face sinking peak and secondary investment demand。Local platform debt the biggest problem is the lack of transparency、Enough market，Have 4 trillion teaching，Policy layer won't easily through the financial direct and money。But parts of the need for the funds is obvious，so，Now rely on asset securitization design，Is to place platform to establish market、Since the sex of the financing structure。”Citic securities said the people。

　　以宁波城建为例，公开资料显示，该公司10亿元的资产支持票据中，除了2亿元用作补充运营资金，其余8亿元将全部用来置换公司到期的银行信贷。用于还本付息的基础资产则是旗下宁波兴光燃气集团公司取得的宁波市下辖的城市天然气唯一特许经营收入。

To ningbo urban construction as an example，Public data shows，The company 1 billion yuan of assets to support the bill，In addition to 200 million yuan used as supplementary capital operation，The rest of the 800 million yuan will be all used to replacement company due bank credit。Used for repayment of capital and interest of the underlying asset is its ningbo and light gas group company made under the ningbo urban natural gas only franchise income。

　　“南京是用5年的自来水销售收入换取10亿元ABN产品，用于城市基建。交易商协会要求的基础资产涵盖了收益类资产与应收账款类资产，比如高速路、水利工程等大型基建或是水电煤气等经营权，这些几乎都是为地方平台量身打造的。”一位债券市场研究人士将这种“扶持”描述为“天然对接”，认为这将给正处于偿债高峰与投资二次上位困局中的地方城投企业，带来新的融资渠道。

“Nanjing is to use 5 years of tap water in exchange for sales income 1 billion yuan ABN products，Used for urban infrastructure。Dealers association requirements of the underlying assets covers the income kind assets and accounts receivable kind of assets，Such as highway、Water conservancy projects and other large infrastructure such as gas or water and electricity management，These are almost as local platform custom-made2。”A bond market researchers will this“support”Described as“Natural butt”，Think that this will give is in debt service peak and investment secondary upper this place in the city for enterprise，Bring new financing channels。

　　不过，中信证券人士也同时表示，平台类企业只是ABN发起主体的组成部分，而非全部。“基础资产涵盖面很广，只要符合的都可以做。肯定不止这些。”

but，Citic securities personage also said，Platform class enterprise just ABN launch the main body part，Rather than all。“Underlying assets covers a range is very wide，As long as they can meet all can do。Sure more than these。”

　　ABN发行成本居中 ABN flotation cost center

　　在前述中信证券人士观点中，包括当前的城投债，地方平台在参与进程中，市场之手将是对地方平台投资与债务结构优化的有效途径。

Citic securities in the people view，Including the current city for debt，In the process of participating in the local platform，The hand of the market will be the local platform investment and debt structure optimization of the effective way。

　　这也被当作资产证券化工具的主要优点。“ABN基础资产涵盖面广、可以独立也可以打包，既可以公开发行，也可以定向发行，可以由各类金融机构承销，同时对投资者的限制也少。”前述债券研究人士认为，在资产证券化趋势下，ABN比私募债等更具创新空间，也因此受到机构与地方平台的双向热捧。

It was also as the major advantages of the asset securitization tools。“ABN underlying assets covers a range widely、Independent can also pack，Can a public，Can also directional issuance，Can be made by all kinds of financial institutions underwriting，At the same time for investors and few restrictions。”The bond researchers think，In under the trend of asset securitization，ABN SiMuZhai more than such as innovation space，And this was agencies and local platform two-way heat holding。

　　但这并非市场的全部反馈。相关法律制度的缺失与地方平台类企业的先锋队角色，仍让谨慎人士持有保留意见。

But this is not all the market feedback。The lack of the related legal system with local platform class enterprise's vanguard role，Still let careful people hold reserved opinions。

　　“平台债、平台贷的风险案例过去发生过，但因为国内资产证券化相关法律制度的不完整，交易商协会并不强制要求基础资产"出表"(风险隔离)；另一方面，优质的基础资产有限，而在前两年的地方投资上位过程中，几乎已经被质押殆尽。”前述工行人士担忧，基础资产质量的普遍下降，将会增加ABN产品潜在的不确定性。

“Platform debt、Platform credit risk cases happened in the past，But because the domestic asset securitization related legal system is not complete，Dealers association are mandated by the underlying assets"The table"(Risk isolation)；On the other hand，The high quality foundation assets limited，And in the first two years of the local investment superior process，Almost have been pledged danger。”The icbc people worry，Underlying asset quality general decline，Will increase ABN product potential uncertainty。

　　对于风险质疑，前述中信证券人士则认为，市场之手将发挥平滑作用。“资产证券化等于把投资的决策权交给了市场，项目好，认购就踊跃、成本也低；反之，就没人买或者成本高。”

For risk question，Citic securities is the people think，The hand of the market will play smoothing effect。“Asset securitization is equal to the investment decision-making power to the market，Project good，Subscription will enthusiastically、Cost is low also；and，Haven't people buy or high cost。”

　　结合此次ABN产品发行情况，资料显示，宁波城建共发行10亿元ABN，票面利率为5.3%~5.7%。浦东路桥共发行5亿元，票面利率为4.88%~5.35%。南京公用发行10亿元ABN产品，票面利率5.85%。

Combining this ABN product issuance，Data shows，Ningbo city building common issue $1 billion of ABN，Nominal interest rate is 5.3% ~ 5.7%。Pudong road &bridge common issue 500 million yuan，Nominal interest rate is 4.88% ~ 5.35%。Nanjing public issue $1 billion of ABN products，Nominal interest rate 5.85%。

　　这要比市场上普遍的短融、中票利率稍高，7月末以来，市场发行的南方水泥、无锡国联发展集团等3年期定向工具，利率范围一直浮动在5.3%～5.5%。

This than the market universal short melt、Ticket in interest rate is a little bit higher，Since late July，Market issue of the southern cement、Wuxi the nl development group and so on 3 period orientation tools，Interest rates have been floating in the range of 5.3% ~ 5.5%。

　　“不过，与银行贷款和信托等渠道比，ABN还是有一定的成本优势。”前述研究人士评论，“近期信用债的垃圾债有增多趋势，导致利率走高，ABN也会出现这种情况，受基础资产质量影响，估计未来会比其他债券市场工具成本偏高，但也还在合理范围内。”

“but，And bank loans and the channel such as trust than，ABN still have certain cost advantage。”The researchers comment，“The recent credit debt junk debt has increasing trend，Cause interest rates go up，ABN will appear this kind of circumstance，By the underlying asset quality influence，Estimate the future than other bond market tools cost on the high side，But also in the reasonable scope。”